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Damac chief sees Dubai property stabilising over next two years

Chairman Hussain Sajwani says company is looking to expand in Saudi Arabia, Qatar and London

Hussain Sajwani, Damac Properties chairman. (ITP Images)

Damac Properties chairman believes property prices in Dubai will remain “stable” for the next two years, according to a news report.

His statement come in backdrop of property consultancies predicting price softening this year and Dubai Land Department announcing a 2.99 percent decline in property transactions to 70.57 billion (AED259bn) in 2016 compared to $72.75bn (AED267bn) in 2015.

Speaking to Bloomberg in Davos, Hussain Sajwani said he does not expect any “big jump up or down” in Dubai property prices.

He revealed the Dubai-listed company will add new projects to its portfolio in Saudi Arabia and Qatar.

According to company website, it has four projects in Saudi and three projects in Qatar.

In London, the company is currently developing 50-storey Aykon London One in Nine Elms district, but is seeking “more opportunities”.

“A weak British currency attracts buyers and this could drive us to seek more opportunities in London,” Sajwani told the news outlet.